Flow Battery Market to be Dominated by the Redox Flow Battery Segment in the Forecast Period
Rising demand for continuous power supply and
increasing installation of telecommunication towers are likely to propel the global
flow battery market during, 2024-2028F.
According to TechSci
Research report, “Flow Battery Market – Global Industry Size, Share, Trends,
Opportunity, and Forecast, 2018-2028F, ” the Global flow battery market is
expected to rise in the upcoming years and register a significant CAGR during
the 2024-2028F, owing to the growing demand for electricity, rapid urbanization
& industrialization, governments raising investment in the clean energy
sector, increasing demand for flow batteries in utilities, among others. Flow
batteries are perfect for prolonged discharge times in megawatt scale power
increments in utilities. Government and business organizations have been
enhancing the electric grid infrastructure recently to meet the increased
demand for electrification in rural and urban regions. The governments of
numerous countries are likewise investing heavily in grid construction owing to
an increase in the need for power supply from the end users.
There is a growing
requirement for energy backup due to the rising demand for uninterrupted power
supply in all major nations. In the event of power outages or high demands,
flow batteries serve as a backup power source. Lithium-ion batteries and fuel
cells are seen as alternatives to flow batteries. A distinguishing feature that
sets flow batteries apart from competing alternatives is their ability to be
scaled up and recharged simply by adding the necessary quantity of electrolyte.
The functioning of flow batteries is more adaptable because of the ability to restore
spent electrolytes in storage tanks. Flow batteries also have the benefit of
long operational life and low maintenance requirements. With green energy
objectives set by several developed and emerging nations, this trend is
expected to continue globally. The utility industry is where flow batteries are
mostly used for energy storage.
Furthermore, the market
for flow batteries has been negatively impacted by the rising use of renewable
energy sources including solar and wind energy.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Global
Flow Battery Market."
The Global Flow Battery market is divided into type, material, storage,
application, region and competitive landscape. Based on type, the market is
segmented into redox flow battery and hybrid flow battery. Based on material,
the market is segmented into vanadium, zinc–bromine and others. Based on
storage, the market is segmented into Compact and Large Scale. Based on
application, the market is segmented into utilities, commercial &
industrial, military, EV charging station and others.
Based on type, the redox flow
battery segment held the largest market share in 2022 and is expected to have the
largest market share during the forecast period owing to rising the demand for
redox flow batteries in various verticals such as commercial, industrial,
military and utilities. The advantages
of the redox flow battery, such as its extended operating life with almost no
electrode and electrolyte degradation, high safety due to the absence of
flammable elements, and ability to function in harsh environments, make it
ideal for use in big applications.
Based on application, the
utilities segment held the largest market share in 2022. In utilities flow
batteries typically act as a buffer between the supply of energy from the
electric grid and the demand for electricity. Utility owners can minimize the
overproduction of electricity since the flow battery can store and discharge a
reliable amount of electricity. In addition, utilities need batteries that can
handle a high penetration of renewable energy across the grid, have a long
operating life, and are durable. The use of flow batteries in utilities
applications is anticipated to be fueled by the rising demand for electricity
in both urban and rural regions, which has raised the focus on improving the
electric grid systems.
Key market players in the global flow battery
market include:
- VRB Energy
- ESS Tech Inc
- Primus Power Corporation
- RedFlow Limited
- Invinity Energy Systems PLC
- Iqony Solar Energy Solutions GmbH
- Sumitomo Electric Industries Ltd
- SCHMID Group
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“The Global Flow Battery market
is expected to boost in the upcoming years and maintain a high CAGR during
2024-2028F, owing to growing global demand for electricity, the unstable grid
infrastructure, rising awareness about renewable energy, rapid urbanization
& industrialization, rising demand for flow batteries in the utilities
industry, among others. Currently, various countries including India, the United
States, Germany, China, among others have started investing in the renewable
energy sector to enhance the usage of flow batteries in the upcoming years. For
instance, in 2022, China invested around USD546 billion in solar and wind
energy projects, electric vehicles and battery manufacturing. That was nearly
four times the amount of U.S. investments, which totaled USD141 billion. The
European Union was second to China with USD180 billion in clean energy investments.
Additionally, various market players have invested billions of dollars in
research & development wings to prepare the enhanced version of flow
battery equipment which is useful for the environment and people. For instance,
Agora Energy Technologies Ltd successfully developed a non-metal CO2
rechargeable flow battery (CRB) designed to use captured carbon from flue gas
emissions to store renewable electricity generated on-site. The battery,
developed to use CO2 sourced from major industrial emitters (including cement,
steel, petrochemical, aluminum manufacturers, coal and natural gas-fired power
plants), is safer and more affordable than competitors, while also reducing
GHGs.Therefore, the market for flow battery across the globe is expected to
rise in the forecast period 2024-2028F.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Flow Battery Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Type (Redox Flow Battery and
Hybrid Flow Battery), By Material (Vanadium, Zinc–Bromine and Others), By
Storage (Compact and Large Scale), By Application (Utilities, Commercial &
Industrial, Military, EV Charging Station and Others), By Region, Competition,”
has evaluated the future growth potential of global flow battery market and
provides statistics and information on market structure, size, share, and
future growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in the global flow battery market.
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